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is on the fiscal cliff. washington has less than 48 hours to make a deal before billions in tax increases and spending cuts take effect. senate negotiators stayed late into the night trying to work out a plan that would pass a vote. both houses of congress would convene later this afternoon in a rare sunday session. in his weekly address, the president took his message directly to the public calling for congress to come together to pass a deal. >> for the past couple months, i have been working with people in both parties with the help of business leaders and ordinary americans to come together around a plan to grow the economy and shrink our deficits. it's a balance plan. one that would protect the middle class, cut spending in a responsible way and ask the wealthiest americans to pay a little more. and i'll keep working with anybody who's serious about getting a comprehensive plan like this done because it's the right thing to do for our economic growth. but we're now at the point where in just a couple of days the law says that every american's tax rates are going up. every american's
%, an improvement over august where it was 10%. if this good deal -- the fiscal could deal -- the fiscal cliff deal. you think during their well- earned christmas break, both sides would find a way to come together and do something. >> this is not the fault of congress. congress is behaving like congress. this is the president's fault here the president needs to go to the country and explain why they need to get this done. he has never done this. >> i have heard him talk about it over and over incessantly about why we have to avoid the fiscal clip. it is the fault of congress. they created this fiscal cliff. they did it. no one else imposed this on them. >> the president has never gone to the nation and made a serious speech about dt. he ignored it the first two years. he appoints a commission that he studiously ignores for the next two years. that is why we are at the clip now. he is not serious about the debt. none of his proposals to raise taxes on the rich. he has never put any political capital in entitlement reform our tax reform. he'll talk about it here and there. never invested any capital
in the next few hours to try to scrape out a fiscal cliff deal but hope is fading fast. if that weren't bad enough, the treasury now says the u.s. will hit the debt ceiling on new year's eve. will this be a game-changer for reaching a deal? >>> plus as if the fiscal cliff wasn't bad enough, now critical ports across the u.s. could be brought to a standstill starting this weekend. we'll explain how a looming union worker strike could sink businesses across the united states. >>> the major sports leagues do a touchdown dance after a federal judge's ruling. their lawsuit to spike sports gambling in new jersey get as crucial green light but new jersey isn't taking it sitting down. details how that state is fighting back and preparing to give vegas a run for its money. even when they say it's not, it's always about money adam: thank you for joining us. we want to look first at the day's market headlines. stocks slid for the 30 straight session. mediocre holiday seas and deadlock over fiscal cliff gave investors little to get excited about. the dow fell 24 points. the so-called fear index or the
a deal can be cut in time to avert the fiscal cliff. on saturday the president was at work here in the white house, but all eyes were on the senate where negotiators were trading deal points and revenue figures to try to reach an agreement all sides can stomach. the baseline for the president, any bipartisan bill has to extend unemployment insurance that would affect some 2 million americans, and increase taxes for the highest income earners. negotiators can still work out exactly where that tax increase would hit and whether they would halt an increase in the estate tax. in case those discussions break down, the president has asked democratic leader harry reid to prepare a separate bill to put on the floor of the senate that would raise taxes on households that earn $250,000 or more. that's really a democratic proposal, and you can expect republicans to block it. rather than thinking of that as a stop gap measure, you should probably think of it it as a political measure to shift the responsibility for failure onto republicans just before the nation hits the hour of reckoning.
of the year, hoping for a fiscal cliff deal. the dow jones industrial average gained 166 points to close at 13,104, up 7% for the year. the nasdaq rose 59 points to close at 3019, up nearly 16% this year. nearly two dozen people died in a string of attacks across iraq today. most of the violence targeted shiite communities and police. one of the blasts rocked baghdad's karrada neighborhood, sending smoke billowing above the skyline. the car bomb went off near a tent where shiite pilgrims were gathering. five people were killed there. in syria, elite troops, along with tanks, battled to dislodge rebels from a key southern suburb of damascus. the area is within firing distance of major government sites in the capital. amateur video also showed the aftermath of what appeared to be air strikes in the northeastern suburb of douma. the attacks toppled buildings and sent civilians fleeing. celebrations began today as the new year, 2013, dawned around the globe. we have a report from richard pallot of independent television news. . >> here we go! >> reporter: a perfect summer's night ushering in 2013
. >> holman: wall street rallied on the final trading day of the year, hoping for a fiscal cliff deal. the dow jones industrial average gained 166 points to close at 13,104, up 7% for the year. the nasdaq rose 59 points to close at 3019, up nearly 16% this year. nearly two dozen people died in a string of attacks across iraq today. most of the violence targeted shiite communities and police. one of the blasts rocked baghdad's karrada neighborhood, sending smoke billowing above the skyline. the car bomb went off near a tent where shiite pilgrims were gathering. five people were killed there. in syria, elite troops, along with tanks, battled to dislodge rebels from a key southern suburb of damascus. the area is within firing distance of major government sites in the capital. amateur video also showed the aftermath of what appeared to be air strikes in the northeastern suburb of douma. the attacks toppled buildings and sent civilians fleeing. celebrations began today as the new year, 2013, dawned around the globe. we have a report from richard pallot of independent television news. . >> here we g
'm arthel nevil. it's down to the wire for fiscal cliff deal. lawmakers are trying to draft a plan under the deadline. president obama says he is optimistic they will come to an agreement if not, deep spending cuts will kick in for nearly every american. helpis one step closer for super storm sandy. senate passing a bill to provide $60.4 billion in aid for states impacted by the disaster. bill now has to pass through the house of representatives. hurricane sandy was blamed for at least 120 deaths in areas from north carolina to maine, new york, new jersey and connecticut. i'm arthel nevil, now back to fox news watch. for all the latest log on to foxnews.com. i'll see you right here at 4:00 p.m. eastern alongside gregg jarrett. >> we will make sure that f there is anything is needed we get it out immediately. i want to thank you for everything you've done and we appreciate that. >> connecticut state police lieutenant paul advance talking to people. the killer committed suicide as police closed in on him. one of many tragedies that received major attention this year. it's a challenge for t
reid and john boehner exchange harsh words. the fiscal cliff in just five days and still no deal. the winter storm that slammed the south is now stranding thousands of travelers in the northeast and beyond. that is coming up. >>> and the russian president vladimir putin says he will sign a bill banning americans from adopting russian children. that's all ahead unless breaking news changes everything on "studio b." i'm trace gallagher in for shepard smith. first from fox at 3:00, back to work in washington, d.c. with less than five days to go before falls right off the fiscal cliff. the senate back in session today and it's the first time the senate or house has met for business between christmas and new year's in more than four decades. president obama cut his hawaii trip short arriving in washington early today. for now, the house of representatives is not in session but we've learned those lawmakers are set to return this weekend. today the senate majority leader, harry reid, says we've just about run out of time. >> if we go over the cliff, and that's where we're headed, mr. p
: they are frustrated. they wanted that house republicans to return a lot sooner to work on a fiscal cliff deal. we know that it will not return until sunday, the house, here is democrat chris van hollen from maryland. reporter: this is not a show. the last ditch effort to bring congressional leaders together to try to get at least a small package ordeal together before the new year. in order to avoid some of the tax hurts of the fiscal cliff and unemployment. reporter: while there are discussions about a final fiscal cliff deal, there is finger-pointing going on. the blame game, if you will, if everything falls apart and the u.s. economy goes over the fiscal cliff. harris: i have to tell you that wall street is starting to react for a fifth day of losses on wall street. stocks are reacting, it is the final friday before the fiscal cliff. the dow is a 55-point drop, but it has been lower at that. it is still early in the trading day yet. the forecast for today is not looking good. a fifth day of concern there among investors on wall street. jon: flirting with out 13,000 barrier. part of the looming fisc
are out of money. this means if a debt ceiling deal is not included any fiscal cliff deal, and it is not likely to be. gregg: then this debt mess continues for a few months. and we've still got to argue that out in congress between congress and the president. heather: geithner said last thursday, he called them, trort nary measures would have to be taken to borrow money. >> yep. heather: breaking news in europe on the big 75% tax rate that the french wanted to pass for the rich. >> the breaking news that a french court said a 75% tax rate on individuals is unfair. so it has been rejected. the court court says unless you apply it to households it is not fair to single out individuals. that means 75% tax at this moment is not in effect. the french government and francois hollande says, it won't make any difference. we'll rewrite the law using new wording and we'll catch more people in the 75% tax rate net. heather: stuart varney, i know you have a lot of work to do today. it is a busy day financially. thank you. >> thank you. gregg: what will it mean if lawmakers fail to str
months. the reason donors are concerned that a fiscal cliff deal could limit the tax deduction on charitable giving in the future. >> good day to you. is that the reason? i think people are worried they won't know what the deduction listen next we're, so front-loading the deduction this year. hopefully it's my wish they don't reduce it at all. >> let's look at some of the numbers. each year 300 billion is given to charity and claim about 50 billion a year in tax deductions. so when you look at some of the numbers, a person making about $too,000, they can deduct 35%. if that were to go down to 28%, how much do you think that would impact giving? >> you know, the estimate is anywhere between 1 and 30 billi billion, depending on how the deduction goes, and even if it's eliminated. it's hard to predict. one of the important things is this deduction han in place since 1917, and no one has ever touched it before. so we have no data on what's going to happen, but i think the americans, three quarters of the americans are concerned it will reduce the money to charity. >>> you know, if
. the fiscal cliff's blame itak all onin the class. is it too late for a deal? stick with us.ot is computer-anid coffee tastes dreadful. geico. 15 minutes could save you 15 % or more on car insurance. someone get me a latte will ya, please? :00 eastern, sharp sell-off underway on concerned we are about to tumble of the fiscal cliff, not a good sign from washington. good afternoon from lori rothman. tracy: no deal in sight. stock trading near their lowest level of the day with five days until the fiscal cliff, we hit it, we had done. washington bureau chief is going to tell us the only way he sees a deal getting done. lori: we are running against the debt ceiling again. and we just raise that? we are borrowing again. new mixed signals on the economy. jobless claims fell to a 5-year low but consumer confidence tumbled as well. the director of economic policy senior fellow kevin hasic will be joining us. tracy: the northeast digging out for several inches of snow and more is on the way. will it be at wet blanket for retailers this critical shopping weekend? time for stocks as we do every 15 m
lawmakers' monday night deadline and still no "fiscal cliff" deal is in sight. sunday the house has been called to an unusual session just in case an agreement is not reached. >>> a new report suggests the looming "fiscal cliff" is forcing consumers to lose confidence in the nation's economy. the conference board said on thursday its consumer price index fell sharply in december for the second consecutive month. >>> a potential strike by dock workers along the east coast and gulf coast threatens to cost the nation's economy billions. more than 14,000 longshoremen are ready to strike sunday. a walkout would shut ports from boston to houston. those ports move as much as 100 million tons of goods each year including everything from flat screen tvs, sneakers and snow shovels. >>> ski world entertainment plans to become a publicly traded company. the company's three parks are known for their water shows with killer whales. it earned $86 million during the first nine months of this year. seaworld's other property including two busch gardens parks and sesame place in pennsylvania. back to you.
powerful political position to get what they want in a fiscal cliff deal? >> it's kind of a strange situation. most conservatives in the house want to go over the cliff because they want to vote to lower taxes and they will have the ability to do that once taxes go up after january 1st. >> it just sounds better. >> right. >> rather than i let your taxes go up. >> exactly. i think politically, though, all of the policy moves in the direction of the democrats, right? tax rates go up. big spending cuts at the pentagon. and all the polls show that the republicans are going to be blamed for all of this. so obama -- as the one guy in this town that wants a deal more than anyone. on the other hand, he's probably the guy that purely political benefits the most after january 3rd satisfy in a stronger negotiating position. he'll also have, remember, a few more democrats in the house and in the senate. so the white house will be strengthened after this happens. but a lot of people in the white house and treasury department don't want that to happen because they think the markets may freak out.
. we have passed a bill to deal with the fiscal cliff. harry reid is becoming the ultimate cliff diver here by saying we're not going to even let our house, the senate house function. we're going to dive off the cliff and blame the republicans at every ledge down the way. gregg: cliff diving a new political sport. and senator lindsey graham also speaking out suggesting that he doubts that anything will get done during today's last-minute washington meeting. take a listen. >> anytime you announce a meeting publicly in washington it usually for political theater purposes. nothing good ever cops from it. there is one then you have to do in politics. if a president meets with a foreign leader you want to make sure you know what will happen at the meeting. when the president calls congressional leaders to the white house it is all political theater or they have a deal. my bet it is all political theater. gregg: senator graham warned he thinks our nation will go over the cliff and president's offer to fix it does nothing other than, quote, this is a quote, damn us to becoming greece. patti a
chief correspondent ali velshi. >> alison, i have no idea whether we'll get a fiscal cliff deal done or not. i do have a pretty good idea as to how we got into this gigantic pickle in the first place. >> now we've passed a bold package of tax relief for america's families and businesses. >> it starts when then president george w. bush initiated a series of tax cuts for all americans, but it's a deal with the devil. the cuts, which are politically expedient, but costly to government expire in ten years time. >> both houses of congress have now passed a package of tax relief that will protect the middle class. >> when it came time for the cuts to expire, the u.s. is just emerging from the worst recession since the great depression. so president obama agreed to extend the tax cuts for two more years in exchange for congress extending federal emergency unemployment benefits. those cuts are expensive. if they're extended by 2020, the bush-era tax cuts will be responsible for more than half the total national debt. democrats insist that taxes go up for the wealthy but stay in place permane
day. >> kelly: we've been talk being the fiscal cliff and getting a deal, the president is coming back and the senate is coming back. the house is not. house speaker john boehner staying in ohio. he says some contact, but communication is no substitute for senate action. it's all in the senate. >> juliet: all righty. log on to our web site for our after the show show because we're going to be giving you lots of gossip and secrets that you don't hear. >> kelly: really? >> juliet: yeah. >> clayton: that's news. i'll make sure i'm there. gregg: fox news alert. millions at the mercy of mother nature this morning after a massive storms slams the northeast bringing snow, rain, high winds, icy road conditions. more than 50 flights have been canceled today following the grounding of more than 1700 the day before. coming up in minutes we'll go live to anna kooiman live in scranton, pennsylvania where folks are trying to dig out from more than a foot of snow. but first, bad weather making be delaying lawmakers plans to get back to the negotiating table in washington, d.c. good morning, i'm gregg
continues. jessica yellin, thanks. >>> and january 1st is the deadline to make a deal on the fiscal cliff. for some states, it's a day that a series of new laws are going to take effect. let me get you clued in here. in california, talking more than 800 new laws, including one requiring apartments and condos to install carbon monoxide detectors. separately, employers will no longer be able to ask job applicants for log ins to social media accounts, such as facebook and twitter. and the increase between 28 cents and 37 cents per hour affects more than 1 million low-income earners. thanks to laws that have lower minimum wage to keep price. and the price of stamps is set to go up? e, again, by a penny, on january 27th, which brings the price of sending first-class mail to 46 cents. >>> well, the senate has also approved a five-year extension of the foreign intelligence surveillance act allowinging the government to eavesdrop on overseas phone calls and e-mails from potential terrorists. they say it's protected us from more attacks like 9/11. others argue the bill could be abused. the bill is
a deal on the fiscal cliff. however, chief white house correspondent ed henry tells us that washington may have to set with a backup plan to the backup plan. >> christmas tradition for president obama. he and first lady michelle obama saying thanks at the marine corps base hawaii. >> so many of you make sacrifices day in and day out on behalf of the freedom and behalf of the security. >> now the president is giving up some vacation time rushing back to washington aboard air force one late tonight to deal with the looming fiscal cliff. after that red eye, the president will no doubt need coffee. starbucks decided to get political in the washington, d.c., shops, by having employees write come together on cups. ceo howard schultz writing in open letter, "my hope is the simple message will serve as holiday reminder from starbuck of the spirit that bridgeed differences and we have the power to come together and make a difference in every season of the year." the president and speaker john boehner have not spoken in nearly a week. when the house republicans convene conference call today, all
, thank you. >>> here in washington, hope is fading for a deal before the country reaches the fiscal cliff just eight days from now and we are counting really by the hour at this point until we go over the edge. congress and the president are not here. they have stopped trying for now. home from the holidays and not that optimistic about a christmas miracle. listen to retiring senator joe liberman on "state of the union." >> i feel it's more likely we will go over the cliff than not, and that -- if we allow that to happen, it will be the most colossal consequential act of congressional irresponsibility in a long time. maybe ever, in american history. >> are white house correspondent prix anna kebrianna keilar is traveling with the president and joins us from hawaii. >> they can still talk, right? true. but the people who matter are not. perhaps the lines of xhoukz are open between the white house and senate democrats. but the white house at this point is not in discussion with not only speaker john boehner but the senate minority leader, mitch mcconnell and perhaps because of that, you hav
newspaper reports what in the world is going on with the fiscal cliff, you hear about a small deal sort of in the works between harry reid and mitch mcconnell, maybe it's not voted on until monday, maybe no deal at all. maybe sequestration is going to happen so for that let's go to washington. >> juliet: all right. tick-tock, tick-tock, time is almost up for lawmakers as we say to avert the fiscal cliff. they worked throughout the weekend in hopes of hammering out some sort of deal. >> dave: peter doocy is live in washington and we hustle you over to the capitol. and what is the latest, do you think we'll get something done? >> reporter: dave, we were told late in the evening that legislative staff was going to work through the night, but the only principal we heard from was mitch mcconnell who said he and his democratic counterparts have been trading paper all day saturday, but the only big news, mcconnell cared to share with us, in the state he represents, kentucky, louisville beat the university of kentucky by three and meanwhile, the officially republican weekly address features ano
in the united states to strike a deal to prevent the economy from going over the so- called fiscal cliff. that is when a package of automatic spending cuts and tax rises comes into fact which could set the country back into recession. that less than 20 hours into the generate the first deadline. >> as night descended on washington, no deal precentors went home with a low over 24 hours to go before the huge austerity package known as the fiscal cliff, something almost nobody wants is due to descend on the american economy. >> we will come in at 11:00 tomorrow morning and that further announcements. >> if there's no doubt, the price of failure could be high. the average american, might see their taxes rise by as much as $2,000 a year. as spending cuts take money from the economy, a second american recession becomes a possibility. confidence in america will be shaken. the financial markets may take fright. president obama believes it is time for the wealthiest americans to pay more in taxes. he has made that part of his negotiating position. he criticized republicans for resisting these tax
they may well just go over the fiscal cliff and deal with it in january after the new congress is sworn in. leaving his family behind to continue their vacation without him, president obama boarded air force one early this morning and headed for washington to deal with unfinished fiscal cliff business. with just five days until the combination of automatic tax increases and spending cuts that could send the economy back into recession, mr. obama wants congress to take the lead in getting the job done. the senate convenes later today and senate majority leader harry reid told members to be prepared to address fiscal cliff issues through the weekend. reid is working on his own plan to get lawmakers to come together before the end of the year deadline. that plan would likely include letting the bush tax cuts expire for households making more than $250,000 a year and short term spending cuts instead of the massive long-term cuts that would happen if there is no deal. after our wednesday conference call, house republican leaders issued a statement saying they were waiti
people are saying this fiscal cliff deal isn't going to happen pause the two sides are too far apart and there simply isn't enough time yet. mark, i will begin with you, what happens if we go over the cliff? what will americans experience? >> well i think we are going to go over the cliff. quite frankly i think it is a good thing the prospects of getting a deal after january 1 are significantly higher and that is for three reasons. first now president obama has all the leverage. after january 1st the leverage shifts to the gop. because president obama perfectly going over the fiscal cliff to blame republicans because he can't default on the debt. he will have to compromise between now and february. second of all the baseline gets reset if the tax cuts expire. everybody will propose a tax cut in january and right now we're fighting whether to increase taxes or not. you can see possibility of a deal seen as win-win for both sides. third, if republicans don't come up with a deal, a bad deal right now, they still have the $800 billion in revenue they put on the table from limiting deduct
as these issues are hanging. so we get a fiscal cliff this deal and i think he's going to be gone by the end of the month but i think it's kind of up t in the air. host: says a contender for his job would be jack lew. guest: that's the betting money. is his job if he wants it. and there's some question if he wants it. that's a big commitment. i think he would be expected to stay for the entire term. he has been a white house official throughout the time. so the question is if he wents to take it and if he wents it he'll probably get it. host: where did he come from before chief of staff? guest: he's been in government for a long time. he was the budget director for president clinton. he was on wall street during the bush. but he basically made his bones in the government. he was a long-time assistant to former house speaker tip o'neal. he helped put together the social security deal so he's been involved with budget issues for quite some time in the 80s and 90s. host: christina next. caller: thanks for c-span. host: go ahead. caller: thank you so much for c-span. i'm having a problem because
obama has cut short his christmas holiday and is on his way back to washington for the fiscal cliff talks. without a deal, budget cuts and tax rises will automatically start on january 1. a senior congressional reporter with the american news service "politico," says while he is doubtful they will strike a deal before next year, obama and democrats have the upper hand. >> they know that the polls are on their side, that a majority of americans would blame the republicans for the failure, and they know that -- they say president obama was just reelected on a mandate to raise taxes on the stockton% of income earners and the republican party is dead set against tax increases. -- on the top 2% of incoming earners. he wants to raise taxes on folks making more than a million dollars, but that was not enough for democrats and that was too much for lot of republicans. the republicans in the house are the ones who endangered the speaker's efforts to cut a compromise deal. the democrats know that they are the ones that have the upper hand in the fight and if we go into the new year, a new con
b back fire in the final hours before america goes over the fiscal cliff. they are trying to craft a plan c. america's news headquarters live from the nowy nation's capitol starts now. >> hello everyone. we are down to the wire and an impatient president obama is leaning on top lawmakers to cut a deal. senate leaders are rushing to hammer out a last ditch compromise. mike emmanuel is live with the latest on the negotiations. >> hi, molly it is it eye critical window. we are not expecting an announcement today, but they are trying to carve out a deal capable of winning bipartisan support. president obama said the u.s. can't afford a self inflicted wound to our economy. >> fortunate lie congress can prevent it from happening if they act right now. i had a good and constructive discussion with senate and house leadership about preventing the tax hike on the middle class and we should be able to reach an agreement to pass both house necessary time. >> senate leaders can't strike a deal. it would be a plan c. keeping tax cuts for those making $250,000 or less . extending unemployment be
year. in order to avoid some of the tax hikes of the fiscal cliff and to deal with some of the unemployment. greg: senator rob portman, a republican from ohio said that if lawmakers in the white house can get through this fiscal cliff, we will immediately face another fiscal cliff, if you will. the debt ceiling, noting that are dead is not sustainable. so portman does not sound impressed by talk of a small package to get through this initial fiscal cliff. worried about the long-term impact of our unsustainable debt. greg: our markets are taking a little bit of a head. falling on wall street, the market is on track for its fifth consecutive decline. investors feared that the fallout will have a tremendous effect on what is already a fragile economic recovery. stephen moore joins us. when economic growth was comparatively pretty good, this the president said no, now you don't want to raise tax rates because the economy is fragile. gdp is worse now, is that? >> i think almost exactly two years ago, the president said the economy is too fragile to raise taxes on anyone. so w
and all house members are not here in washington trying to work out a deal on the fiscal cliff. here is more from leader reid a short time ago. >> if we go over the cliff and it looks like that's where we're headed, mr. president, the house of representatives, as we speak, with four days left after today before the first of the year aren't here with the speaker having told them they will give them 8 hours notice. i can't imagine their consciences. >> reporter: of course president obama has left hawaii. he is heading back to washington from his family vacation. we learned from the white house that the president had made calls to the top four congressional leaders mcconnell and boehner on the republican side, pelosi and reid on the democratic side. we'll see what the president has in mind when he touches down back in washington a little later this morning, harris. harris: mike you mentioned it. i'm mentioning it too. it is coming into the newsroom from senator mcconnell's spokesperson and just wondering what the republicans say they want. they want to review legislation and make decisi
to try to hammer out a deal on the fiscal cliff. where do we stand with six days to go? that's all ahead unless breaking news changes everything on "studio b." first from fox at 3:00, winter weather threatening to cause travel problems for people getting home after the holidays. some states dealing with snow, thunderstorms and tornadoes. check out this twister that touched down in mobile, alabama last night. >> oh my god, look. that's a tornado. oh, wow. oh, jesus, look at that tornado. >> nearly three dozen reported tornadoes trashing texas, louisiana, mississippi and alabama. according to the national weather service, new tornado warnings are in effect for the carolinas at the same time a winter weather system cut power to nearly 200,000 homes and businesses in the south. >> our electricity went out at our house and we're trying to get our generator started. we came to get gas for the generator. >> "the associated press" reports the storm has killed six people across the nation's midsection and moving north and east toward new england set to bring snow, sleet and thunderstorms during t
congress is close to striking an 11 the hour deal to keep our nation from plunging off the fiscal cliff but he says the two sides still have ground to cover and the time is running out. that one-two punch that will kick in, hours from now, on january 1, and if the president and congressional lawmakers cannot hash it out, the united states could fall into another recession. here is part of the framework for the agreement. the bush tax cuts would expire for incomes above $400,000 for individuals and $450,000 for families. unemployment benefits would continue for one year and the estate tax would go up. we have learned lawmakers are still working out the automatic spending cuts. president obama weighs in saying middle class families can not get caught in the middle. >> the last thing folks like the folks up here on this stage can afford right now is to pay an extra $2,000 in taxes next year. middle-class families can not afford it, businesses cannot afford it, our economy can not afford it. >>trace: traders on wall street are watching the president's comments. the chance of going over the
try to work out on a deal to avoid the fiscal cliff. the deadline is less than 48 hours away and as to whether they can get it done, the president says he's hopeful. >> i'm modestly ll lly optimis an agreement can be achieved. let's make sure that middle class families and the world economy aren't adversely impacted because people can't do their jobs. >> both houses of congress are meeting in a rare sunday session. the house an hour later at 2:00. our chief white house correspondent jessica yellin now with the look at a chance for a deal and what's on the table. >> alison, here in washington, there is still hope a deal can be cut in time to avert the fiscal cliff. on saturday, the president was at work here in the white house but all eyes were on the senate where negotiators were trading deal points and revenue figures to try to reach an agreement all sides can stomach. the baseline for the president, any bipartisan bill would have to extend unemployment insurance that would affect some 2 million americans and increase taxes for the highest income earners. but negotiators ca
tonight is both sides believe that there is a deal on the tax side of the fiscal cliff avoiding that, that you extend tax cuts basically for anyone making 450,000 or below. but the sequestration side of this in terms of the massive automatic spending cuts, they are very much up for grabs right now. and that is the big reason why we do not have a deal that is signed, sealed and delivered, trace. >> trace: ed henry live for us at the white house. of course, tomorrow is a federal holiday. analysts say that gives congress a little extra time to undo the damage from going off othe cliff. mike emanuel is on capitol hill. mike, what are we expecting tonight? >> it promises to be a busy night ahead. senators are still hoping to vote at some point later this evening before that happens. they are going to want the congressional budget office, nonpartisan organization to determine the cost or savings of any eventual package. all kinds of promises were made in washington. but the cbo. the congressional budget office figures out exactly what something costs or how much money it may save. then the
gloomy about the chances for a compromise deal on the fiscal cliff. >> nine days to get a deal done. house speaker boehner is in ohio. president obama in hawaii. >>> today we say aloha to an american hero, the late senator daniel inouye was remembered with full military honors in hawaii. the 88-year-old senator lost his arm in world war ii, he represented hawaii in washington for more than 50 years. president obama and the first lady attended today's service. the president has said inouye was his earliest political inspiration. >>> many gun shop owners say sales have been booming. thousands of north texans visited local gun shows and stores this weekend where the most powerful weapons are costing more than ever. a gun dealer told our affiliate that an assault style weapon ran around $900. this week anywhere from 1500 to $2500 many in just a few minutes my conversation with a gun shop owner, several former police officers and a school safety expert who says the current call for bringing guns into schools for safety is in his words, borderline insane. >>> an estimated 87 million ameri
the fiscal cliff, and that was reflected today on the sunday shows from both democrats and republicans, take a listen. >> passing plan b the other night would not have changed the outcome, we're going to go over the cliff before, we're going to go over the cliff now. you cannot negotiate with someone that doesn't want to negotiate. >> in the aftermath of the house republicans rejecting speaker boehner's plan b, i feel it's more likely we will go over the cliff than not, and that -- if we allow that to happen, it will be the most colossal consequential act of congressional irresponsibility in a long time. maybe ever in american history. >> officially, the president is expected to be here -- or is supposedly here in hawaii through the new year, i think the expectation at this point is that with congress returning, president obama is likely to go back to washington to oversee things as they move. or as the fiscal cliff comes nearer and the u.s. goes over it. >> can we expect any other lawmakers to step up to the plate and kick start negotiations? what about senate minority leader mitch mcconnel
lawmakers are meeting now to try to stop our nation from plunging off the fiscal cliff. we're total any potential deals hinges on what happens in the meeting. details on that ahead. >>> a man under arrest at a police station struggles with cops, gets a gun and shoots three officers before they take him out. that's coming up. >>> an f.b.i.'s file on marilyn monroe minus main redactions. what the documents say about her suspected ties to communist. >>> that's all ahead unless breaking news changes everything on "studio b." >>> we begin with a fox urgent. i'm trace gallagher in for shepard smith. a face-to-face meeting at the white house getting under way right now. one that could determine whether or not our nation plunges right off the fiscal cliff. take a live look at the white house where president obama called the top house and senate leaders from both parties to try and hammer out a deal avoiding the tax hikes and crippling spending cuts. remember analysts say falling off the fiscal cliff could drive the u.s. into another recession. more than a month has passed since the last time th
the impact if lawmakers fail to reach a deal on the fiscal cliff. bimultibillion-dollar aid bill may be a casualty of the casuemate. the ripple effects would be felt far from the fields. we asked anna warner to look into that. >> reporter: eagle lake, texas, depends on rice. it's been grown here since the 1800s. drought is usually the biggest threat, but the nervous talk in the drugstore now is about congress. >> without the farm bill, it really makes it uncertain for ehat you should do next year. >> reporter: steve is a pharmacist here and a rice farmer. the people are nervous. >> very nervous. wh reporter: what are they saying when they're coming in? what are you hearing? >> "what do we do?" you know, they don't know what to do. ht's so uncertain right now that the banks don't know what to do. the farmers don't know what it do. they're out there plowing the land, getting it all prepared for next year, with total cecertainty. >> reporter: at stake, $154 billion in federal farm aid and isop insurance, sidelined by the fiscal cliff stalemate. benefits from the farm bill also guarantee
the fiscal cliff. our political panel is going to weigh in on the chances for a deal. try running four.ning a restaurant is hard, fortunately we've got ink. it gives us 5x the rewards on our internet, phone charges and cable, plus at office supply stores. rewards we put right back into our business. this is the only thing we've ever wanted to do and ink helps us do it. make your mark with ink from chase. >>> the pressure is on as harry reid and mitch mcconnell race against the clock to find a fix to the fiscal cliff. joining me are cnn contributor and democratic strategist maria cardona and republican strategist ron bonjin. good morning to you. >> good morning. >> good morning. >> ron, i'll start with you. reid and mcconnell, they really are the focus in the senate. in the house, it's speaker john boehner. i've got to ask you, is his job on the line if republicans balk at any deal that's reached? >> no, not at all. speaker boehner is extremely strong. his conferences support him and knows that he's been in a tough position trying to negotiate the fiscal deal with the president. he's be
. >> thanks. >>> despite all the hand-wringing over the fiscal cliff, investors haven't melt much pain. that doesn't mean if won't get ugly on wall street if we don't have a deal soon. cnn's alison kosik looks at the consequences. >> reporter: don, with wall street focused squarely on the fiscal cliff, there is little incentive for investors to move stocks higher so stocks ended lower for the fifth session in a row friday with the dow tumbling 158 points. this slide began last week when speaker boehner was unable to bring his plan b. to a vote. that would have avoided the fiscal cliff. but he wasn't able to bring that to a vote. that made investors lose confidence, and since then, nothing really concrete has happened with the fiscal cliff to convince investors that a deal can get done. so at this point, the market doesn't really want a band-aid or so-called framework deal. in fact, one trader told me that it would almost be better if we went over the cliff, because that would give the markets some certainty. they would at least know what to expect. that is, of course, instead of a band
the fiscal cliff, if, he and the speaker are able to make a deal before it's too late. gregg: we'll be holding our breath. peter doocy, thanks. >> reporter: yeah. patti ann: the commander-in-chief also spent part of his holiday thanking the troops on a visit to a hawaiian military base. the president and first lady paying tribute to those here and abroad who risk their lives keeping us safe. he took time to honor their families as well. >> so many of you make sacrifices day in, day out on behalf of our freedom, on behalf of our security, and not only do those in uniform make sacrifices but i think everybody here understands the sacrifices that families make each and every day as well. and michelle --. patti ann: the president also made a series of holiday phone calls monday night thanking members of the armed forces around the globe. >>> shoppers are going to be making tough decisions today. many preparing to return unwanted holiday gifts. retailers suggest patience if you plan to hit the stores today. they are expecting a very busy day of returns and exchanges. of course longer
together a last minute bp deal ahead of monday's midnight deadline for the fiscal cliff. failure could kick the country back into a recession. wyatt andrews is on capitol hill. >> reporter: today the halls of the senate were almost empty, as proposals got traded in private and over the phone. senate minority leader much mcconnell tried to sound upbeat. going to get a deal today sir? >> hope. so. >> reporter: house speaker boehner came to the capitol but left without comment. issue number one in the talks is amending the bush era tax cuts, which if unchanged will expire and raise taxes on all americans. starting tuesday, the average tax hike will be three to 5% per person. >> let's keep taxes exactly where they are on the first $250,000 of everybody's income. >> reporter: the president campaigned to increase taxes only on families making more than $250,000 per year. almost two weeks ago, the president offered a compromise to raise taxes only on income above 400,000, hoping that might win republican support. >> i have gone at least halfway. >> reporter: the senate is also negotiating an exten
to come up with a deal to avoid the so- called fiscal cliff in the u.s. will resume sunday. president obama says that congress must act now to avoid economic disaster. he has been meeting with republican and democratic leaders to reach a deal to avoid tax hikes and spending cuts that take effect january 1. >> the hour-long meeting with president barack obama was the first face-to-face session together with both republican leaders of the latest fiscal crisis. obama said he was modestly optimistic about the agreement by senate leaders on a compromise bill that could be voted on by monday. that is just two days before 6 under billion dollars of automatic tax hikes and spending cuts begin to take effect -- $600 billion of automatic tax hikes and spending cuts take effect. >> we want to make sure that unemployment insurance is still available for 2 million people and lay the groundwork for additional deficit reduction and economic growth steps to take in the new year. but let's not miss this deadline. >> we are working hard to get there in the next 24 hours. i'm hopeful and optimistic. >>
cliff. it's a term used to describe the expiry of tax cuts dating back to 2001. if there is no deal, 88% of americans will end up paying $400 billion more in 2014. that will be coupled with more than a trillion dollars in automatic government spending cuts. according to the congressional budget office it will start with $200 billion in military and social welfare cuts next year. the big concern over falling off the fiscal cliff is it will send the u.s. back into a recession with, of course, global repercussions. it could be weeks before anyone feels the effects. and analysts say even without an agreement, politicians can reach other deals to soften the impact. >> u.s. president barack obama making a rare appearance on one of u.s. tv's agenda-setting sunday shows. he appealed to politicians of both parties not to let the u.s. go off the so-called fiscal cliff. the budget crisis, some kay -- say could tip the u.s. into recession dragging the rest of the world with it. >> over the next 48 hours, regardless of partisan differences our top priority has to be that taxes on middle class famili
to the fiscal cliff -- the stakes are high and the time is short. and so far there has been no deal reached between the lawmakers and president obama to try to avoid going over the fiscal cliff that comes on new year's day. but after a meeting at the white house, the president said he is hopeful. >> i just had a good and constructive discussion at the white house with senate and house leadership about how to prevent this tax hike on the middle class. and i'm optimistic we may still be able to reach an agreement that can pass both houses in time. senators reid and mcconnell are working on such an agreement as we speak. >> cnn's chief business correspondent ali velshi joins us from new york with some very good insight. senate majority leader harry reid has said if they don't reach something by monday he'll bring forward a bill to help out the middle class for an up-and-down vote. >> right. >> put everybody on the record, but especially republicans. isn't that the tactic? >> exactly right. the step before that is harry reid is working on some bill that might get bipartisan support in the senat
is coming back to washington to try to reach a deal on avoiding the fiscal cliff. he now has less than a week until automatic tax hikes and sending cuts go into effect and the way out of this mess isn't clear. here's our senior congressional correspondent, dana bash. >> lisa, house republican leaders who are home for christmas held a conference call this afternoon to talk about when the house should come back in session. two gop sources tell me they did not make a decision. it's still up in the air. a reason for that is, if anything can get done in the next six days, the ball is in the senate's court. >>> the capital is a ghost town. the halls are empty, neither chamber in session. an eerie calm, since the fiscal cliff, only the congress has the power to avert, is less than one week away. at their homes for the holiday, the senate democratic leaders are trying to figure out if the president's scaled back bill, keeping middle class tax cuts in place, can pass congress at the 11th hour. >> there is absolutely no reason, none, not to protect these americans from a tax hike. at the very le
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